5 arrested for gold loan fraud worth Rs 2.91 cr in Union Bank of India

Rangareddy: In the Gold loan fraud of the Union Bank of India in Telangana on Wednesday, five people have been arrested by the police.

The five people arrested by the Telangana Police for cheating the bank to the tune of Rs 2.91 crore Gold loan fraud by certifying imitation gold as genuine include an assistant bank manager and a former bank manager of the Union Bank of India.

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The Rachakonda Police said that the complaint was received from R Yashwanth Reddy, Branch Manager of the Tukkuguda branch of the bank, stating that one Thalloju Sainath has been appointed as a gold loan appraiser to confirm the purity and net weight of the gold pledged to the bank to avail loans “It came to our notice that the said person is rumoured to have been involved in encouraging spurious gold from his friends and people in his close circle. Subsequently, we engaged the appraiser of the Nadergul Branch, A Madhu Sudhan.

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After thorough verification by the appraiser, we came to know that out of 429 gold loans in the branch, gold ornaments pledged in 96 gold loan accounts were fake and the total outstanding liability against 96 gold loan accounts as on date was Rs 2.91 Crore and undebited interest thereon, the statement said.

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